Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Smith County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $412,500 | $119,791 | $242,182 |
| Price Trend (Annual %) | 126.6% | 5.1% | 8.2% |
| Median Gross Rent | $664 | $923 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Smith County is about 244% higher than in Mississippi. Rent is about 28% lower than the Mississippi average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Smith County, up about 126.6% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Smith County rose about 12.1% between 2015 and 2023, from $592 to $664. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 7.8 yearly household incomes in Smith County.
Buying the median-priced home in Smith County costs roughly 51.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Smith County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Smith County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $412,500 | $119,791 | $242,182 |
| Median Household Income | $53,023 | $55,084 | $78,145 |
| Price-to-Income Ratio | 7.8 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Smith County rose about 993.4%, while median household income rose about 43.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Smith County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.7% | 59.0% | 58.2% |
| Rental Rate | 11.0% | 25.9% | 31.3% |
| Vacancy Rate | 19.3% | 15.1% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Smith County has a homeownership rate of 69.7%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 19.3%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Smith County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1987 | 1985 | 1978 |
| Median Number of Rooms | 6.5 | 5.7 | 5.5 |
The typical housing unit in Smith County was built around 1987. On average, 2.6 people live in a home with about 6.5 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Smith County, Mississippi.
What is the median home price in Smith County, Mississippi?
The median home price in Smith County, Mississippi is $412,500, higher than the Mississippi average of $119,791.
What is the average home price in Smith County, Mississippi?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Smith County, Mississippi?
The median gross rent in Smith County, Mississippi is $664 per month, lower than the Mississippi average of $923.
What was the median gross rent in Smith County in 2020?
In 2020, the median gross rent in Smith County, Mississippi was $575 per month.
What is the price-to-rent ratio in Smith County, Mississippi?
The price-to-rent ratio in Smith County, Mississippi is about 51.8, meaning it would take roughly 51.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Smith County.
Are home prices or rent rising faster in Smith County, Mississippi?
Both home prices and rent are rising in Smith County, up about 126.6% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Smith County, Mississippi?
69.7% of households in Smith County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Smith County, Mississippi?
The housing vacancy rate in Smith County, Mississippi is 19.3%, higher than the Mississippi average of 15.1%.